Sonic Announces Increase to Dividend Program in Fiscal 2019

August 8, 2018

OKLAHOMA CITY--(BUSINESS WIRE)--Aug. 8, 2018--
Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in
restaurants, today announced that its Board of Directors has approved
the continuation of the Company's quarterly cash dividend program.
Beginning in the first fiscal quarter of 2019, the Company expects to
declare a quarterly dividend of $0.19 per share of common stock, which
represents an increase of almost 19% from the current quarterly dividend
of $0.16 per share. As previously announced, a dividend of $0.16 per
share of common stock is to be paid to shareholders of record as of the
close of business on August 8, 2018, with a payment date of August 17,
2018. In addition to the dividend, the company has a share repurchase
authorization for up to $500 million of its common stock through
August 31, 2021.

Future declaration of quarterly dividends and the establishment of
future record and payment dates are subject to the final determination
of the company's Board of Directors.

About Sonic

SONIC, America's Drive-In is the nation's largest drive-in restaurant
chain serving approximately 3 million customers every day. Ninety-five
percent of SONIC's nearly 3,600 drive-in locations are owned and
operated by local business men and women. For 65 years, SONIC has
delighted guests with signature menu items, 1.3 million drink
combinations and friendly service by iconic Carhops. Since the 2009
launch of SONIC's Limeades for Learning philanthropic campaign in
partnership with DonorsChoose.org, SONIC has donated $10.7 million to
public school teachers nationwide to fund essential learning materials
and innovative teaching resources to inspire creativity and learning in
their students. To learn more about Sonic Corp. (NASDAQ/NM: SONC),
please visit sonicdrivein.com
and please visit or follow us on Facebook
and Twitter.
To learn more about SONIC's Limeades for Learning initiative, please
visit LimeadesforLearning.com.

This press release contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
reflect management’s expectations regarding future events and operating
performance and speak only as of the date hereof. These forward-looking
statements involve a number of risks and uncertainties. Factors that
could cause actual results to differ materially from those expressed in,
or underlying, these forward-looking statements are detailed in the
company’s annual and quarterly report filings with the Securities and
Exchange Commission. The company undertakes no obligation to publicly
release revisions to these forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence of
unforeseen events, except as required to be reported under the rules and
regulations of the Securities and Exchange Commission.